ITRI Jefferies Report

Jefferies: We continue to view ITRI as a core holding in the smart metering (AMI) space, with the largest number of integrated AMI meters under contract.  With leading share of the North AMerican metering market, ITRI remains a proven vendor and 800 lb gorilla in an increasingly competitive environment.  Recent competitor announcement does not affect ITRI's near term fundamentals or LT market positioning and we remain buyers, particularly on current share weakness.  We would reassess this opportunity should pronounced share loss become evident.  ITRI repotts Wednesday, July 28.  We are ahead of consensus for 2Q10.